Irish Life Assurance PLC, Dublin, is set to freeze its two defined benefit funds and replace them with a new defined contribution plan in May, a spokesman said.
Irish Life Staff Benefits Scheme and Canada Life Irish Pension Scheme, both in Dublin, will end future accruals on June 30. The asset sizes of the two plans could not be learned.
Irish Life, a financial services, insurance and pension provider, will end future accrual to the two defined benefit funds following a detailed review of the liabilities and costs of the pension funds, the spokesman added. The firm agreed with trustees of the two plans to transfer all participants to a new defined contribution plan.
The spokesman declined to provide additional details of the new plan or contributions Irish Life is planning to make to it.